Credit Union Times Magazine June-09, 2004

  • CUNA Launches New Initiative to Aid in Child Abductions

    WASHINGTON - CUNA is working with the American Football Coaches Association, the Federal Bureau of Investigation, the National Child Identification Program, and Congress to help solve child abductions. Shortly after deadline, the groups were scheduled to hold a joint press conference in the Cannon Terrace of the Cannon House Office...

  • Holt, Ex-Colorado League CEO, Lands Job at Wichita Credit Union

    WICHITA, Kan. - James Holt, the former president/CEO of the Colorado and Wyoming Credit Union Leagues and a Wichita lawyer, is slated to take over Mid American CU here at yearend. Holt, a former lobbyist with the Kansas CU League who was ousted from his job at the Colorado League...

  • Fannie Mae Announces New Benefits for Prime Alliance Solutions Credit Unions

    TUKWILA, Wash. - Credit unions participating with Prime Alliance Solutions have an expanded list of benefits from Fannie Mae which the company recently announced in recognition, it said, "of the value Fannie Mae places on its relationship with Prime Alliance Solutions and the credit unions it serves." The new benefits...

  • IRS to Hold Meeting on Employee Plans, Enforcement At Tax-Exempt Groups

    WASHINGTON - The IRS's Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting to address employee plans operational guidance and ways to enhance enforcement and compliance with tax-exempt organizations. ACT's 17-member panel includes external stakeholders and representatives who deal with employee retirement plans, tax-exempt organizations,...

  • Citigroup and Credit Subsidiary Fined $70 Million by Fed for ECOA, HOEPA Violations

    WASHINGTON - The Federal Reserve on May 28 issued a consent Order to Cease and Desist and an Order of Assessment of Civil Money Penalty against Citigroup Inc. and its credit subsidiary CitiFinancial Credit Co. and ordered the largest financial institution in the U.S. to pay a penalty of $70...

  • Minnesota CU Network's Kevin Chandler Challenges Banks on Small Business Lending

    BLOOMINGTON, Minn. - Kevin Chandler, president/CEO of the Minnesota Credit Union Network, recently challenged banks to convert to CUs if they feel small business lending poses a threat. In a May 28 editorial to the Minneapolis/St. Paul Business Journal, Chandler responded to a bank lobbyist letter "lecturing not-for-profit CUs here...

  • Experian: Consumers With at Least One Mortgage Have Higher Credit Scores than Non-Mortgage Holders

    IRVINE, Calif. - Results of a recently completed nationwide study by Experian Consumer DirectT on the effects of mortgages on consumer credit scores show consumers with at least one open mortgage have an average Experian PLUS score of 716, compared to 667 for non-mortgage consumers. Experian Consumer Direct spokesperson Heather...

  • Customers Say Lack of Service, Higher Fees Make Bank Mergers Bad

    ST. LOUIS - While 55% of households who have been through a bank merger don't think it has made a difference, one in five said they were worse off as a result of the merger, while one in seven thought they were better off, according to a recent survey. Maritz...

  • Six Credit Unions Pass Billion-Dollar Mark in First Quarter

    According to Callahan & Associates, Inc., the industry now has 88 credit unions with more than $1 billion in assets for a collective total of $194 billion and 18 million members. These credit unions also have the distinction of having the highest average ROA (among the 9 peer groups) at...

  • New Credit Union Tech Player Fidelity National Financial Plans Spinoff of Recent IT Acquisitions

    JACKSONVILLE, Fla. - Fidelity National Financial, a tech firm that has acquired its way into being a major player in the CU space, is planning a $500 million IPO and spinoff of its non-insurance business into a new IT entity, only months after acquiring many of those operations. The title...

  • Virginia Governor Signs New Non-Profit Credit Counseling Law into Effect

    RICHMOND, Va. - Gov. Mark Warner signed a bill into law previously passed by the Virginia General Assembly which replaces the existing law regarding non-profit debt counseling agencies with comprehensive legislation. The new law imposes more strict licensing standards and a bonding requirement of up to $350,000 for licensees. It...

  • Mid-Atlantic FCU Courts Small Businesses at SBA Loan Fair

    GAITHERSBURG, Md. - Mid-Atlantic Federal Credit Union is among the latest to educate small business owners about SBA lending. The $203 million credit union, along the with U.S. Small Business Administration, recently participated in the SBA Loan Fair at the University of Maryland Shady Grove Center in Rockville here. The...

  • Pennsylvania CUs Win Confidentiality Ruling in Community Charter Conversion Cases

    HARRISBURG, Pa. - The Pennsylvania Department of Banking ruled that three credit unions whose community charter conversions are being contested by the Pennsylvania Bankers Association and several banks, do not have to disclose their business and marketing plans. On May 25 the Department of Banking held its first but what...

  • Rummel: End to Oregon/Washington League Merger `Not Surprising'

    DEADWOOD, S.D. - Floyd Rummel III, chairman of the newly formed Mid America Credit Union League, has some advice for League peers working on trade group mergers. "It's a long process that took us six to seven years" to complete, commented Rummel, in discussing the combination of the North and...

  • Portland Teachers and Oregon Community Find Merger of Equals Isn't an Easy Road

    PORTLAND, Ore. - The Portland Teachers CU and Oregon Community CU merger - which would have been the largest ever - is dead, for now. Last year the $1.6 billion Portland Teachers CU and the $700 million Oregon Community CU announced that they were exploring the possibility of a merger....

  • Three Major Banking Groups Join Forces to Strip Credit Unions of Tax Exemption

    WASHINGTON - Three major banking trade associations recently announced the establishment of the Inter-Trade Credit Union Coordinating Council to unite their efforts against credit unions. The American Bankers Association, America's Community Bankers and the Independent Community Bankers of America have decided to establish a united front to strip `bank-like' credit...

  • With Mega Banks Launching Financial Literacy Efforts, Are Banks Trying to Beat Credit Unions at Their Own Game?

    WEST PALM BEACH, Fla. - Credit unions haven't had much competition when it comes to financial literacy programs from their banking counter parts, but it appears banks are trying to step up their efforts. Considering recent announcements from such banking giants as Citigroup and Bank of America it seems bankers...

  • WEST

    Alaska USA Federal Credit Union, Anchorage, has named Mary Dean Homer office manager and senior loan originator of its CUSO Alaska USA Mortgage Company. Sierra Schools Credit Union, Reno, Nev., has named Kellie George business development specialist. America First Credit Union, Riverdale, Utah, has appointed the following employees to senior...

  • NCUA Tells CUs How to Help Members Avoid Falling Victim to Phishing Schemes

    ALEXANDRIA, Va.-NCUA issued a Letter to Credit Unions (04-CU-06) recently to supplement a previous letter on fraudulent e-mail schemes and raise awareness of "phishing" schemes. "NCUA encourages credit unions to educate their members, strengthen monitoring systems, and enhance response programs to reduce the potential risk of Internet-related fraud schemes to...

  • January to April Loan Growth the Best Since 2000, While Savings Growth Limps Along

    WASHINGTON - January through April of 2004 has been the strongest four months of lending since before the slowdown, CUNA Chief Economist Bill Hampel stated. "We had pretty decent growth in loans in April, 1.2%, and the good news is we had loan growth in the old fashioned credit union...

  • CUNA, CUNA Mutual Team up to Battle ID Theft; Two Major Industry Players Want to Raise Profile of Problem

    MADISON, Wis. - CUNA and CUNA Mutual are joining the ID theft fray. The industry's largest trade association and insurer/vendor are teaming up to help credit unions battle ID theft which cost financials almost $50 billion last year and affected some 10 million consumers. The two are offering a number...

  • Massachusetts League Getting Ready to Move To New Offices

    SOUTHBOROUGH, Mass. - Starting June 14, the offices of the Massachusetts Credit League will be found in the city Marlborough. The League will be moving into its new space on June 10 and June 11 from its current headquarters in Southborough. The new facility is seven miles from the current...

  • Bill Donovan Has Stayed the Course For NAFCU and Credit Unions in His 25 Years at the Association

    ARLINGTON, Va.-After 25 years at NAFCU-and fathering seven children in that time-one would think business associates would have a lot to say about NAFCU Senior Vice President and General Counsel Bill Donovan. Not Rick Maurano, a long-time Capitol Hill staffer who is now a lobbyist for Fannie Mae. At a...

  • CUNA, NAFCU Recommend Clarifications to NCUA Proposed Exceptions to FACT Act Medical Information Rule

    ALEXANDRIA, Va.-In recent comment letters responding to an NCUA request for comment, CUNA and NAFCU said they generally approve of the exceptions in the agency's proposed rule on use of medical information in credit decisions. CUNA suggested that NCUA clarify that state chartered credit unions fall under the agency's proposal...

  • CUs Strike Balance Between Yield And Being Liquid as Rates Continue To Climb, NAFCU Survey Says

    ALEXANDRIA, Va. - For most credit unions, maximizing yield is just as crucial as having liquidity, according to NAFCU's May Flash Survey. When asked to describe their investment strategy, 89% of credit unions surveyed said they strive to achieve a balance between maximizing yield and maintaining a liquid position. NAFCU...

  • Financial Regulators Distribute Overdraft Guidance at Dem's Prodding; Sarbanes Compares Service to Payday Lending

    WASHINGTON - The Federal Financial Institutions Examination Council agencies, including NCUA, jointly issued proposed guidance recently on the handling of bounce protection services. The credit union industry has seen a number of vendors courting credit unions to their overdraft protection products in recent years, including Strunk & Associates, John M....

  • FASB Loan Participation Proposal Could Hurt CUs Close to MBL Cap, Says Small Business Advisory Committee

    WASHINGTON - The exchanging of a loan participation among credit unions is at the root of a Financial Accounting Standards Board (FASB) proposal that some in the industry say could hurt those CUs close to the 12.25% member business lending cap. FASB has proposed amending FASB Statement No. 140, Accounting...

  • NASCUS CU Council Vice Chair Named To Michigan CU Hall of Fame

    ARLINGTON, Va. - JoAnne Filwock, vice chairwoman of the NASCUS Credit Union Council and president/CEO of Financial Health CU, East Lansing, Mich. was presented with the Distinguished Service Award by the Michigan Credit Union League and inducted into the Michigan Credit Union Hall of Fame. The award ceremony was held...

  • Rep. Chocola, Supporter of CU Tax Exemption, Visits Bayer FCU

    ELKHART, Ind. - Congressman Chris Chocola (R-Ind.), a supporter of credit unions' tax exempt status, stopped by Bayer FCU when he was in town on May 25. The first term congressman who also supports the Financial Services Regulatory Relief Act of 2004 - H.R. 1375 - toured the CU's facility...

  • Bogus Heartland Credit Union Strikes Again

    HARAHAN, La. - Once again alert credit union staffers have effectively made it more difficult for fraudsters to dupe consumers with their fake Heartland Credit Union advertisements. The Louisiana Credit Union League is investigating an ad for the imposter credit union that was placed in the Abbeville Meridional newspaper this...

  • Over $1 Million Raised for CUs for Kids

    BEAVERTON, Ore. -Credit unions in Oregon and Southwest Washington have raised more than $1 million this past campaign year for Credit Unions for Kids, a Children's Miracle Network program that benefits children's hospitals in the Pacific Northwest. The Credit Unions for Kids program is the third highest fundraising organization for...

  • Health Services Credit Union Changes Name

    JACKSONVILLE, Fla. - Health Services Credit Union is the latest credit union to jump on the name change train. The $78 million credit union has been renamed HealthAmerica Credit Union to better represent its growing field of membership. HACU on-site facilities serve employees at 11 major health centers, including Mayo...

  • Self-Help CU Speaks to Fledgling Entrepreneurs at Small Business Conference

    YADKINVILLE, N.C. - Self-Help Credit Union was one of several participants at a recent small business education conference. The Entrepreneurial Conference 2004, sponsored by the Greater Winston-Salem Chamber of Commerce, took place last week and drew many who turned out to get information on starting and marketing a business, budgeting...

  • Wescom Credit Union, Unocal FCU Merge

    PASADENA and EL SEGUNDO, Calif. - Wescom Credit Union and Unocal Federal Credit Union have announced merger plans. As part of the deal the $115 million Unocal FCU will operate as its own division within Wescom CU and will continue to serve members under the Unocal brand. In addition, all...

  • Michigan OFIS Earns NASCUS Reaccreditation

    ARLINGTON, Va. - The Michigan Office of Financial Institutions - the first state regulatory agency to earn NASCUS accreditation in 1989 when the accreditation program was adopted by the NASCUS Board - has earned five-year reaccreditation by the association. As the first state accredited by NASCUS, Michigan becomes the first...

  • Wanigas FCU Disburses Nearly Quarter Million in Home Savings Program Grants

    SAGINAW, Mich. - Wanigas FCU, in conjunction with the Federal Home Loan Bank of Indianapolis, disbursed more than $215,000 in grants to moderate and low-income members in April and May through the CU's participation in the Home Savings Program. This is the fourth year the credit union has participated in...

  • NCUA Clarifies When "Do Not Call" Rules Apply to Credit Unions

    ALEXANDRIA, Va.-NCUA recently issued a Regulatory Alert (04-RA-08) to all federally insured credit unions outlining the Federal Trade Commission and Federal Communications Commission's "Do Not Call rules and when they apply to credit unions. According to the alert, the FTC's Telemarketing Sales Rule does not apply to federal charters, but...

  • SC Federal Credit Union Revs up Summer With Truck Giveaway

    NORTH CHARLESTON, S.C. -South Carolina Federal Credit Union's latest campaign is getting in touch with its members' deepest desires. Through the "This is so YOU" campaign scheduled to run June 1 through September 30, members can enter to win one of two 2004 Chevy Avalanche trucks. "We chose this campaign...

  • Wisconsin League Uses PSA Ad to Warn Consumers About ID Theft

    PEWAUKEE, Wis. - With the number of consumers affected by identity theft continuing to increase, Wisconsin credit unions are using a public service announcement (PSA) for radio to warn consumers about the risks of identity theft and teach them ways to protect themselves from becoming victims. The PSA announcement features...

  • What CUs Will Get From ID Theft Initiative

    CUNA and CUNA Mutual have created an online toolkit with a plethora of ID theft resources to help CUs educate themselves sand members. It includes the following: *ID Theft-Checklist of Credit Union Responsibilities, outlining what the CU's responsibility is for fighting ID theft, *Links to member education brochures that offer...

  • U.S. CU Leaders, Paraguayan VP Come Together

    Representatives from the Minnesota Credit Union Network, CUNA, WOCCU and the Central de Cooperativas del Area Nacional (CENCOPAN), a Paraguayan credit union organization, met on May 25 in Asuncion, Paraguay with Luis Castiglioni, vice president of Paraguay (at far end of table) and delivered to him a letter from Minnesota...

  • NCUA Highlights Credit Union First Quarter Trends in Letter to CUs

    ALEXANDRIA, Va.-NCUA put a spotlight on credit unions' first quarter trends for 2004 in a Letter to Credit Unions (04-CU-08) released last week. Through March 31 of 2004, credit union assets grew $17.1 billion or 2.80%, which would indicate a growth rate of 11.20% by year-end. Net worth was also...

  • Offering Business Lending Means Asking `Can CUs Really Compete?'

    MADISON, Wis. - The decision to go into small business lending for many credit unions comes down to whether they can compete with those who have been originating loans longer. This year's CUNA's Future Forum will include a session that asks `should credit unions explore small business lending.' "The record...

  • FFIEC Updates Information Systems Guidance

    WASHINGTON - The Federal Financial Institutions Examination Council, of which NCUA is a part, has published updated guidance on the development, acquisition, and maintenance of information systems for financial institutions. The Development and Acquisition booklet offers guidance on project risks and management techniques. It targets financial institution examiners, financial institutions,...

  • New Jersey CUs Continue Support For Community Investment Fund

    HIGHTSTOWN, N.J. - Investment levels are continuing to increase for the recently formed New Jersey Credit Union Foundation, and the recent addition of four new credit union investments brings New Jersey's fund to its highest levels yets. In March, Hamilton Horizons FCU committed a $60,000 investment; Unity FCU invested $5,000;...

  • CUs Brace for One of Lowest Student Loan Consolidation Rates in History

    WASHINGTON - As credit unions continue to make strides with student loans, competing head on with traditional lenders, a new lower consolidation rate this summer could prove to be more of a boon. On July 1, the interest rate on a Stafford loan will drop to 3.37%, the lowest percentage...

  • Reg Relief and CURIA Stirrings On Capitol Hill

    WASHINGTON-Credit union lobbyists told reporters last week that they have indications that regulatory relief legislation could move in the Senate in June. "It may come as a surprise to some of you, but the Senate banking committee will be holding a hearing on regulatory relief this month," CUNA Vice President...

  • Home Price Increase Slows in First Quarter

    WASHINGTON - U.S. home prices are continuing to go up, but they did so at a slower rate in the first quarter 2004 after consumers' year-end 2003 rush to buy homes fueled by concerns about rising mortgage rates tapered off. According to the Office of Federal Housing Oversight, the 7.71%...

In Other News

  • SCHOLARSHIP

    IFF Credit Union, Union Beach, N.J., has announced this year's IFF CU Scholarship Award recipients. Students were selected based on scholastic achievement and community service. This year's winners are Kerri Silva and Justin Cocuzza. 1st Advantage Federal Credit Union, Newport News, R.I., has presented scholarship to a four Peninsula High...

  • AWARDS

    America's Christian Credit Union, Brea, Calif., Marketing Coordinator Scott D. DePrat has been named Employee of the Year. DePrat was instrumental in the credit union's smooth adoption of a new name and field of membership marketing strategy in 2003. In addition, DePrat has developed and enhanced ACCU's Web site and...

News

  • So-Called Penalty APRs Climbing, CardWeb reports

    ARLINGTON, Va. - Cardweb.com, a Web site which tracks different card trends, has reported that big card issuers have once again hiked their so-called "penalty" annual percentage rates which they say they reserve only for cardholders who miss payments. Cardweb reported that these APRs had increased from an average of...

  • Emory FCU Learns the Value of Platinum

    DECATUR, Ga. - Platinum has been a sterling performer for Emory FCU's credit card program. The $100 million credit union says for its upscale Atlanta membership (19,000 of them), the platinum card has the right mix of benefits and panache. Emory, based in Decatur, Georgia, serves the Emory University community,...

  • Three More CUs Point The Way to Successful Card Management

    ARLINGTON, Va. - As the question of whether or not a credit union should sell its card portfolio remains active, more credit unions which have had success with their card programs have stepped forward to tell others how they have done it. Executives from three credit unions, the $4.7 billion...

  • Risk-Based Credit Cards are Permissible FCU Activity

    ALEXANDRIA, Va. - In response to a request from an Omaha, Neb. law firm, NCUA stated in a legal opinion letter (04-0325) that federal credit unions may use a risk-based structure for their credit card programs and are not currently required to make any disclosures about pricing. "A risk-based pricing...

  • FDIC Seeks Public Comment on Stored Value Cards as "Deposits;" NCUA Not to Pursue Yet

    ALEXANDRIA, Va.-The Federal Deposit Insurance Corporation has asked the public for their opinion on whether stored value card funds should qualify as deposits under the Federal Deposit Insurance Act. Financial Institution Letter FIL-44-2004 states that the FDIC has proposed that funds placed in a bank or thrift by a sponsoring...

  • PSCU Financial Services Golf Tournament Benefits CMN

    ST. PETERSBURG, Fla. - PSCU Financial Services has teed up to raise over $14,000 for the Children's Miracle Network. More than 95 golfers participated in the PSCU Financial Services Annual Golf Benefit. Proceeds will provide underwriting support for three hospitals to include Children's Hospital in Clearwater, Florida; the Phoenix Children's...

  • Metavante Certifies NCR's No-Envelope Technology

    DAYTON, Ohio -Metavante, which manages 9,000 ATMs across the country, has certified NCR's "No-envelope" deposit technology. Metavante of course is becoming a bigger player in the EFT market with its plans to acquire NYCE for $610 million. Metavante has certified NCR's bunch-note acceptor component and iTRAN 1000 check-processing module, which...

  • Tranax Announces Processor Certifications for MBS5000 Series Of ATMs

    FREMONT, Calif. - Tranax Technologies, Inc. announced a number of high profile ATM network processor certifications for the MBS5000 Series of ATMs. Certifications include Fifth Third Processing Solutions, Metavante, Jack Henry & Associates, Fiserv Bowling Green, Genpass, Intrieve, Shazam ITS, and Core Data. Tranax markets the MBS5000 as a solid...

  • Special Report: EFT:Credit/Debit/ATM

    The EFT world continues to get more competitive. Read the latest news in the special report from pages 20-26.

  • MasterCard Expands Business Debit Program

    PURCHASE, N.Y. - MasterCard has added two rewards programs and employee incentives to help it continue to build its business debit card product. The two new rewards programs will let small business debit card users earn points toward rewards with their card use and offer a cash incentive for activating...

  • Cardholders Skimmed at Gas Stations

    LAKELAND, Fla. - Police are investigating an incident where 10 debit cardholders had their card data and personal identification numbers stolen at a gas station's pumps into which thieves had inserted skimming devices, according to WESH, a local news outlet. The devices, which could not be seen from outside the...

  • Lending Is Back

    Credit union lending had been showing signs of life, but the latest stats show it is definitely picking up. Page 6.

  • CO-OP Network Expands ATM Reach on East Coast

    ONTARIO, Calif. - CO-OP Network member credit unions will be able to offer their members access to 1,000 more ATMs from Maine to Florida based on a new deal signed last week. CO-OP Network formed a branding deal with TRM Corporation, which has ATMs located in The Pantry and Cumberland...

  • Misspelled Instructions Lead To ATM Fraud Detection

    MARYVILLE, Tenn. - Alert cardholders who observed that a notice on their ATM contained a misspelling helped stop a skimming scam at the ATM. According to a story in the Maryville Daily Times, the cardholders grew suspicious about a notice which read "due to recent fraud attempts at this ATM...

  • ORNL FCU Signs with PSCU For Debit

    OAK RIDGE, Tenn. - ORNL Federal Credit Union, a $730 million credit union based in Oak Ridge and Tennessee's third largest CU, has signed an agreement to convert its 58,000 ATM accounts to PSCU Financial Services' debit platform, PSCU announced. Following the conversion, PSCU Financial Services will process both signature...

  • Philadelphia Thieves Make Off With Whole ATMs

    PHILADELPHIA - A gang of thieves in Philadelphia has hit 30 stores across the city for their ATMs in the last six months, walking out with the entire machine according to WPVI, a local news affiliate. In the latest case the thieves used a grinder to cut through the door...

  • Members 1st FCU takes ATM Service on the Road

    MECHANICSBURG, Pa. - Members 1st Federal Credit Union is ready to provide Southcentral Pennsylvania members "curbside service" with its new Mobile ATM. A 20-foot van houses two withdrawal-only ATMs. The ATM on wheels will make its rounds at community events throughout the area.

  • Facilities Make or Break Credit Union Growth Plans

    WEST PALM BEACH, Fla. -From making a great first impression with the branch to estimates of the costs involved with various retail delivery systems the key branching issue boils down to how well credit union branches are positioned for growth. Here is a glimpse at what is going on in...

  • Another Credit Union Portfolio Sold

    PORTLAND, Ore. - AssetExchange has brokered the sale of yet another credit union credit card portfolio. This time it's a $2 million portfolio from the $52 million Horizons North CU based in Northglenn, Colorado. AssetExchange said it was able to get the CU multiple offers on its portfolio, indicating that...

News Briefs

  • CU Veteran Elected to NAFCU Board, Three Others Win Reelection

    ARLINGTON, Va. - Bob Marquette, Members 1st Federal Credit Union president and CEO, will join NAFCU's Board of Directors after the association's annual business meeting July 16. At the end of NAFCU's Annual Conference in Vancouver, British Columbia, Marquette will begin his three-year term as a director at large on...

  • Shelby Reiterates Tax Exemption Support in Letter to CUNA, Leagues

    WASHINGTON - Senate Banking Committee Chairman Richard Shelby (R-Ala.) recently responded to letters CUNA and each of the state leagues wrote thanking him for recent remarks he had made in favor of credit unions' tax-exempt status. "I recognize the special role that credit unions play in our banking system. Credit...

  • Banks Achieve Fifth Consecutive Quarter of Record Profits Despite Existence of CUs

    WASHINGTON - The Federal Deposit Insurance Corporation recently reported that banks had record earnings for the fifth quarter in a row. Contrary to banker cries that credit unions are taking away business from banks and thrifts, the 9,116 national banks and thrifts earned a $31.9 billion last quarter, up $858...

  • Bankers Taking Aim at Credit Union Overreach

    WASHINGTON- Just how bad have things gotten between credit unions and banks. For bankers a picture is worth a thousand words, or in this case dollars. Credit unions better clean up their billboards and double check the spelling in their advertising because the bankers are going to be paying extra...

  • Virginia's Tidewater Telephone ECU Applies for Community Charter

    VIRGINIA BEACH, Va. - Tidewater Telephone Employees Credit Union filed an application on May 27 with the Virginia Bureau of Financial Institutions to expand its field of membership to include the community of Hampton Roads. The estimated population of the community, according to the 2002 U.S. Census, is approximately 1.1...

  • California Senate Passes Bill to Help CUs Serve Low-Income Consumers

    SACRAMENTO, Calif. - The California State Senate by a vote of 32-5, passed a bill introduced by state Sen. Joe Dunn (D-Garden Grove) that would allow state-chartered credit unions to cash checks, wire money, and provide other lifeline financial services to potential members. SB 1292 would expand affordable financial services...

Special Report

  • First Carolina Corporate Rebrands Itself as it Tries to Play up the Corporate's Niche

    GREENSBORO, N.C. - Face it corporates, with credit unions able to use the services of just about any of the nation's 29 corporates, for a corporate image is everything First Carolina Corporate recently released its new branding effort that it hopes will polish its image as a very cooperative, yet...

  • WesCorp Announces Schedule for 2004 Town Hall Meetings

    SAN DIMAS, Calif. - WesCorp could be coming to a town near you. The nation's largest corporate announced the credit unions that will host its 2004 town hall meetings, where such topics as interest rates, investments, ALM and others are discussed in an interactive environment. There is no charge for...

  • Southeast Corporate's 29th Annual Meeting Hits Key West

    TALLAHASSEE, Fla - The $3.9 billion Southeast Corporate recently held its 29th Annual Meeting in Key West. Members heard from renowned economist Wayne Angell, who predicted that although the Fed will increase targeted Fed Funds rates, it will not increase as aggressively as the market currently anticipates. Other speakers included...

  • VolCorp and FAA FCU Break in SimpliCD Program in Tennessee

    NASHVILLE - VolCorp has made its first deal with one of its members for SimipliCD, the popular brokered certificate program now run by a 100% corporate owned CUSO, Primary Financial. FAA Federal Credit Union was the corporate's first SimpliCD issuer. The CU noted that the deal helped it free up...

Opinions

  • Credit Unions Can't Ignore the Importance of Good Credit Line Management

    No single action can turn a credit union card issuer's program around and make it profitable, since an ailing program has taken years to get that way. A first step, however, is to focus on the credit lines. Credit line management is an area of credit card management that has...

  • Credit Card Rewards, Redemption Equally Important

    ST. LOUIS - A recent Maritz Loyalty Marketing survey finds that while credit card reward programs continue to grow in popularity with consumers there is still room for improvement. Some 36% of consumers have been enrolled in a credit card rewards program for five years or more yet almost 50%...

  • June Kicks off ATM/Debit Card Safety Awareness

    HOUSTON -PULSE is promoting June as ATM and Debit Card Safety Awareness Month. Now in its fifth year, the campaign will focus on consumer safety by providing financial institutions with helpful consumer tips on ATM and point-of-sale safety practices. In addition, member financial institutions are advised to evaluate ATMs to...

Letters to the editor

  • Support Services to CUs Benefit from Partnerships Between Leagues

    I always enjoy reading Publisher Mike Welch's column, even on occasions when we don't agree, and I paid special attention to his May 26th comments on State CU League changes, which were perceptive and generally on-the-mark. Governance system changes that provide more effective and equitable representation for member credit unions...

  • Is Citigroup's Educational Investment Really "Citigate" Cover-up?

    What is the real story behind Citigroup's touting a $200 million contribution to financial education reported in "Financial Literacy-Checkmate for Bankers" which Credit Union Times ran on its Web site, May 27, 2004? What are they trying to hide? The real news behind this effort to manipulate public opinion is...

Publisher's Column

  • Truth Or Consequences When CUs Convert Charters

    The stepped up pace of credit union charter conversions from federal to state, state to federal, and both state and federal to bank charters, has caused several unexpected consequences. At one point there seemed to be a flood of conversions away from the federal charter to what was considered to...

Opinion

Looking Back

  • Credit Union Times Vol. 1, No. 12 June 11, 1990

    Looking back 14 years ago finds the American Bankers Association charging that a CUNA program to win bankers' signatures on statements of support violates antitrust laws. "Failing to make clear that your association is not advocating economic retaliation against those who do not sign the support statement could quickly raise...

People

  • MIDWEST

    Illinois Credit Union League, Naperville, has elected the following officers to its board: Jack Teausant, chairman; Carl Sorgatz, vice chairman; and John Bratsakis secretary/treasurer. In addition, Crayton Achelpohl and Joyce Walker have been named board directors. Finally, the Credit Union Political Action Council has elected the following officers to its...

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